UniversityNow Secures $19 Million in Series C Funding to Fuel Growth of Self-Paced, Online Universities
Funding Will Support the Launch of Additional Degree Programs and Further Development of Innovative Online Learning Technology
SAN FRANCISCO, Calif., September 24, 2013 UniversityNow, a social venture that operates two accredited universities, Patten University and New Charter University, announced that it has raised $19 million in venture capital to fuel its expansion and help students earn quality undergraduate and graduate degrees without incurring student loan debt.
UniversityNow’s $19 million Series C round was led by Bertelsmann SE & Co. KGaA, and First Analysis Corp., with participation from existing investors, including University Ventures, Novak Biddle Venture Partners, Kapor Capital, and Bronze Investments. This brings the total amount of venture capital raised to $42 million.
Since its founding in 2010, UniversityNow has emerged as a leading innovator in post-secondary education. Its accredited universities, Patten University and New Charter University, offer affordable, flexible degree programs for working adults, the group hardest hit by the student loan debt crisis. In addition, its cutting-edge, personalized learning platform is transforming how students and faculty experience online learning, making it more intuitive and collaborative. UniversityNow’s work has been recognized by The Bill & Melinda Gates Foundation and EDUCAUSE as a “Breakthrough Model for College Completion.”
In conjunction with the funding, the company welcomed Dalia Das, Vice President of Education at Bertelsmann, to its Board of Directors. “We carefully screened the market and identified UniversityNow and its experienced team as the premier provider in the emerging category of online, competency-based education,” said Dalia Das. “We also support the Company’s mission of making quality education accessible and affordable to people everywhere.”
“UniversityNow is leading the way in ushering in the next generation of online degree programs. Given its technology and business model, it is uniquely poised to transform the higher education landscape,” said Corey Greendale, Vice President at First Analysis.
“We created UniversityNow in response to the increasing number of students being shut out of college due to the exorbitant cost of tuition and the inflexibility of the traditional delivery models,” said Gene Wade, Founder and CEO of UniversityNow. “With our rapidly growing student enrollment, we are excited to be on the frontline of transforming what it means to earn a college degree online.”
Over the next few months, UniversityNow will add new features to its learning platform and announce new partnerships with leading employers and civic organizations. In addition, Patten University and New Charter University will expand their enrollment, launch additional degree programs, and continue to deliver great online instruction to their students.
For more information about UniversityNow, visit www.unow.com.
UniversityNow’s mission is to make a high quality college education available to everyone who seeks it by building the most affordable and accessible network of accredited universities in the world. Headquartered in San Francisco, Calif., UniversityNow operates two online, self-paced universities that offer Associate’s, Bachelor’s, and Master’s degree programs: Patten University, which is regionally accredited by the Western Association of Schools and Colleges, and New Charter University, which is nationally accredited by the Distance Education and Training Council. UniversityNow’s breakthrough learning platform employs a unique model of individualized instruction, self-paced learning, and cutting-edge collaborative technologies designed to facilitate student-to-instructor and peer-to-peer learning and support that is customized to each student’s needs. In addition to providing each student with a personalized learning experience by using a combination of committed faculty and adaptive learning software, tuition at both of UniversityNow’s schools is affordable. As a result, no student has to borrow to afford college. Learn more by visiting UniversityNow’s website at www.unow.com, liking its page on Facebook at www.facebook.com/UniversityNow, or following @uNow on Twitter by clicking here: https://twitter.com/uNow.